TechFlow News, May 13: According to a CoinDesk report, French crypto hardware wallet company Ledger has suspended its U.S. IPO plans due to unfavorable market conditions. Sources familiar with the matter said Ledger was previously valued at approximately $4 billion and had engaged Goldman Sachs, Jefferies, and Barclays as IPO advisors; however, it has not yet filed any registration documents with the U.S. Securities and Exchange Commission (SEC), and the company may instead pursue private fundraising. Earlier, Kraken also paused its IPO citing market conditions, while BitGo—a publicly listed company—has seen its stock price decline roughly 36% from its offering price, indicating a broad cooling of enthusiasm among crypto firms for U.S. listings.
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